The odds on betting chain Boylesports successfully buying Ladbrokes’ Irish operations from examinership are probably pretty long. Based on the vast majority of examinership processes, the incumbent owners tend to come out the far side still in possession of the business.
This is especially true where the owner is a large British business, rather than a smaller entity in some kind of financial trouble.
We have seen several cases during the recession where the Irish operations of a larger international plc have gone into examinership – usually under the heavy load of onerous property leases.
And they have come out the far side still owning a better structured and leaner business in Ireland.
There have been some exceptions when it comes to Irish company examinerships.
The Sunday Business Post is one example, where new owners emerged after the process. In the likes of Eircom, banks swapped debt for equity which altered the share register considerably.
But it is rare for large incumbent owners to lose a business to someone else in an examinership.
And with that in mind, Boylesports has seen a great opportunity.
